Taurus Limited list of balances year ended December 31, 2008

	15% Preference Shares	100,000.00
	Ordinary Share Capital	100,000.00
	General Reserves	16,000.00
	20% Debentures	100,000.00
	Retained Profits January 1, 2007	140,202.00
	Sales	1,000,000.00
	Cost of Sales	686,460.00
	Debenture Interest Paid for 2008	7,500.00
	Salaries	136,250.00
	Insurance	13,265.00
	Utilities	21,853.00
	Office Supplies Expense	222.00
	Rental Income	3,900.00
	Depreciation	3,000.00
	Telephone Expenses	2,000.00
	Furniture	70,000.00
	Allowance for depreciation on Furniture	40,000.00
	Trade debtors	136,270.00
	Cash & bank	106,480.00
	Closing Inventory	277,002.00
	Trade creditors	17,200.00
	Preference Dividend Paid	15,000.00
	Ordinary Dividends Paid	20,000.00
	Rent Expense	22,000.00
1	Rent Expense Owing as at December 31 2008 $2,000
2	Rental income for 2009 received in 2008 amounted to $300
3	Prepaid insurance during 2008 amounted to $2,400
4	Provide for Corporation Tax of $28,602
5	Transfer $2,000 to general reserve
6	Weighted average number of ordinary shares in issue during 2008 amounted to 50,000 shares

1. Prepare the Statement of Comprehensive Income for the year ended December 31,2008.
2. Prepare the Statement of Changes in Equity for the year ended December 31,2008